Mark Rylance Wins 2016 Best Supporting Actor Oscar for Bridge of Spies

02/28/2016 AT 10:50 PM EST

A powerful supporting turn took Mark Rylance to center stage on Sunday night.

Patricia Arquette, who won the 2015 Oscar for Best Supporting Actress, presented the Bridge of Spies star with the 2016 Academy Award for Best Supporting Actor.

"To have the chance to work with, I think, one of the greatest storytellers of our time, Steven Spielberg," said Rylance, giving a nod to the movie's director, during his acceptance speech. "It's just been such an honor!"

The star, who also won this year's BAFTA Award for Best Supporting Actor, added, "It's a wonderful time to be an actor, and I'm proud to be a part of it."



Check out PEOPLE's full Academy Awards 2016 coverage and complete winners list!

Rylance, 56, took gold among an impressive field that included The Big Short's Christian Bale, Tom Hardy from The Revenant, Spotlight's Mark Ruffalo and Sylvester Stallone from Creed.

The 88th annual Awards, hosted by Chris Rock, are being presented live on ABC from the Dolby Theater in Hollywood, California.
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